The world is quickly becoming a much smaller place, so it makes sense why companies would want to uproot and locate elsewhere. Reduced production costs and staffing are definite benefits of relocation, but it isn’t a decision you can make lightly, no matter the positives.When it comes to relocating a business, there are many things you need to consider. Find out what those considerations are and how you can successfully relocate your business in another country here!Click To Tweet
Large Scale Relocation Considerations
Global mobility affects employees as well as employers. 70% of companies said they planned to adopt the hybrid work model, which combines remote work and traditional in-person offices. However, you can’t do some jobs with a computer.
If you decide to adopt a global mobility strategy, consider the following factors:
- Rules and regulations will differ depending on your business and the country you wish to reside in. Tax laws also vary, and failing to comply could result in fines or prosecution.
- Language barriers are a common problem, as most countries you’ll relocate to won’t use English as their primary language.
- Culture shock is inevitable. What may seem completely natural to you will seem odd or even rude in other countries.
- The compensation structure will change for employees living abroad.
- Immigration is another worry for relocated employees. What’s more, certain medications won’t be allowed in other countries.
- Marketing strategies also differ, and international markets may not allow you to sell certain products on specific mediums. For example, you can’t market prescription drugs on television. In fact, America is one of the few countries left that allows this.
- Factory removal and relocation may account for most of your costs. You’ll need to get out of your lease early, sell equipment, and research international lots.
- The overall cost of moving will change based on your business. The move will be expensive in the short term, but you need to decide if that cost is worth it.
Although this seems like an enormous undertaking, you can solve most of these problems with preparedness and organization.
5 Tips for a Successful Business Relocation
Here are a few things you can do to ensure your large-scale business relocation is successful.
Tip 1: Look Up International Rules and Regulations First
Before taking any other step, research the rules and regulations of your desired countries. It would be a waste of time and money if there were no possibility of relocation in the first place. Make sure your employees are willing to commit to a move.
Tip 2: Educate Staff on Required Foreign Language and Culture
Set up a company-wide language and cultural course, either with your own staff, an outside teacher or a relocation specialist, so you have a basis of how to speak and act in this new country. Select a few team members for a direct cultural exchange months before relocating.
Tip 3: Develop an Employee Relocation Policy
Employees should be compensated for certain moving costs, like travel visas, transportation, storage, and housing. Creating a relocation policy that’s attractive to employees will increase the chance they’ll come with you. Offer ongoing support before, during, and after the move.
Tip 4: Deploy a Local Marketing Expert
Once you’ve decided on a country, hire a marketing expert who knows how to sell to the locals. You can’t just translate marketing material in another language and hope for the best because your message may fall flat to a new audience.
Tip 5: Formulate a Budget
Making a budget is essential when taking your business overseas. Otherwise, you may spend more money than you need to or risk bankruptcy. You also have to factor in the exchange rate, as exchanging at the right time could give you more access to capital.